[Federal Register Volume 70, Number 121 (Friday, June 24, 2005)]
[Notices]
[Pages 36674-36676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-3294]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51881; File No. SR-BSE-2005-15]


Self-Regulatory Organizations; Boston Stock Exchange, Inc.; 
Notice of Filing of a Proposed Rule Change Relating to Listing Fees

June 20, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on May 31, 2005, the Boston Stock Exchange, Inc. (``BSE'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its Listing Fees schedule by 
increasing its listing fees. The text of the proposed rule change 
appears below. Proposed new language is in italics; proposed deletions 
are in [brackets].
* * * * *
LISTING FEE SCHEDULE

Stocks

    Listing Application Fee: [$250.00] $500 per original listing 
application. Fee is non-refundable, but will be applied

[[Page 36675]]

toward the [$7,500.00] $10,000 original listing application fee upon 
acceptance for listing.
    Original Listing Fee: [$7,500 each] $10,000 for one security 
applied for in the original listing application on the date of filing 
and $15,000 for two or more securities applied for in the original 
listing application on the date of filing.
    Annual Listing Maintenance Fee: [$1,000] $1,500 for the first and 
$750 for each subsequent issue, payable on the anniversary date of 
listing.
    Listing Fees for Additional Shares: In the event that a listed 
corporation applies for listing of additional shares subsequent to the 
original listing, a fee will be charged on the basis of [\1/2\] 1 cent 
for each additional share applied for, not to exceed [$5,000] $7,500 
(i.e., if the additional amount applied for exceeds [1,000,000] 750,000 
shares the fee is [$5,000] $7,500 regardless of the amount). The 
minimum fee for each such applicant is [$250] $500.
    The original listing fee schedule also shall be applied, but not 
limited, to the following circumstances where a listed company:

     Authorizes a change of a listed security where, in the 
opinion of the exchange, a new security is created or such change 
alters any of the listed security's rights, preferences or 
privileges;
     Merges or consolidates with another listed company 
which results in the creation of a new company or into an unlisted 
company which becomes listed; or
     Creates a holding company or a new company is created 
by operation of law or through an offer to exchange shares.

    In the event that a listed corporation reduces its outstanding 
stock through an exchange of shares whereby the shares listed on the 
Exchange are exchangeable for a lesser amount, the fee for the listing 
of the number of shares of new stock issuable in exchange for shares 
previously listed will be charged on the basis of [\1/2\] 1 cent for 
each new share. The maximum fee on each such application is [$5,000] 
$7,500; the minimum fee is [$250] $500.
    Supplemental Applications: Should a listed corporation change its 
name or the par value of its listed shares without any increase or 
decrease in outstanding stock, the fee for such application will be the 
minimum of [$250] $500.

Bonds

    Original Listing Fee: $7,500 for each class of indenture applied 
for in the original listing application on the date of filing. For 
additional listing under the same indenture, the fee is $50 per one 
million dollars face value in a maximum fee of $2,500 and a minimum fee 
of [$250] $500.
* * * * *

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant parts of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The BSE proposes to amend its Listing Fee schedule by increasing 
its listing fees. The purpose of this change is to better reflect the 
Exchange's costs and the value of the services that the Exchange 
provides.\3\
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    \3\ The Commission notes that the Exchange has not raised its 
listing fees since 1991. See Securities Exchange Act Release No. 
29276 (June 5, 1991), 56 FR 27060 (June 12, 1991).
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2. Statutory Basis
    The BSE believes that the proposed rule change is consistent with 
Section 6(b) of the Act,\4\ in general, and furthers the objectives of 
Section 6(b)(4) of the Act,\5\ in particular, in that it provides for 
the equitable allocation of reasonable dues, fees, and other charges 
among its members and issuers and other persons using its facilities.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The BSE does not believe that the proposed rule change will impose 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received from Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding, or (ii) as to 
which the Exchange consents, the Commission will:
    (A) By order approve such proposed rule change; or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number SR-BSE-2005-15 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.
    All submissions should refer to File Number SR-BSE-2005-15. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room. Copies of such 
filing also will be available for inspection and copying at the 
principal office of the BSE. All comments received will be posted

[[Page 36676]]

without change; the Commission does not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly. All submissions should refer to 
File Number SR-BSE-2005-15 and should be submitted on or before July 
15, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E5-3294 Filed 6-23-05; 8:45 am]
BILLING CODE 8010-01-P